Iris Energy (NASDAQ:IREN) Shares Gap Up – Still a Buy?

Iris Energy Limited (NASDAQ:IREN)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $10.10, but opened at $10.62. Iris Energy shares last traded at $10.17, with a volume of 2,829,934 shares.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Canaccord Genuity Group reiterated a “buy” rating and set a $15.00 price target on shares of Iris Energy in a report on Thursday, August 29th. B. Riley decreased their price objective on Iris Energy from $17.00 to $12.00 and set a “buy” rating for the company in a report on Friday, September 13th. Roth Mkm initiated coverage on Iris Energy in a report on Wednesday, October 2nd. They issued a “buy” rating and a $14.00 price objective for the company. Needham & Company LLC initiated coverage on Iris Energy in a report on Wednesday, September 4th. They set a “hold” rating for the company. Finally, JPMorgan Chase & Co. decreased their price target on Iris Energy from $11.00 to $9.50 and set an “overweight” rating for the company in a report on Friday, August 23rd. One analyst has rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $15.44.

Iris Energy Stock Down 2.0 %

The business’s 50 day moving average is $9.13 and its two-hundred day moving average is $9.29.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Bluefin Capital Management LLC purchased a new position in Iris Energy in the 2nd quarter valued at approximately $113,000. AFG Fiduciary Services Limited Partnership bought a new position in Iris Energy in the 3rd quarter valued at $77,000. Covestor Ltd bought a new position in Iris Energy in the 3rd quarter valued at $87,000. Sippican Capital Advisors bought a new position in Iris Energy in the 3rd quarter valued at $94,000. Finally, Seven Eight Capital LP bought a new position in Iris Energy in the 2nd quarter valued at $146,000. 41.08% of the stock is currently owned by hedge funds and other institutional investors.

Iris Energy Company Profile

Iris Energy Limited owns and operates bitcoin mining data centers. The company was incorporated in 2018 and is headquartered in Sydney, Australia.